Mumbai: Indian Oil Corp’s decision to award its mega insurance policy for a ₹4.52-lakh crore cover to New India Assurance Co for the ninth consecutive year has caused a stir among rival general insurers, prompting one of them to write to the petroleum ministry to seek a fresh tendering award, people ET spoke with, and emails accessed by this newspaper showed.
New India has been backed by US reinsurer Chubb in this mega insurance deal for the country’s biggest fuel retailer by value, customer touch points and capacity. The policy will be renewed for another year effective October 1.
